November 13, 2019

Open Banking is here to change how you manage your money

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By Jamie Rigg From engadget It’ll bring about the next generation of financial advice. After completing a review of the retail banking sector back in the summer of 2016, the UK Competition and Markets Authority (CMA) concluded that stagnation had set in. It found that hardly anyone switches banks each year, and the huge financial […]

Judge paves way for China Fishery trustee to investigate lender HSBC’s conduct

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By Jason Smith From Undercurrent News A US judge has granted China Fishery trustee William Brandt permission to issue subpoenas to lender HSBC Bank, as part of a probe into the bank’s conduct prior to the 2016 bankruptcies of several Pacific Andes group companies. The opinion, written by judge James Garrity, means the trustee now […]

Ogier advise on major asset finance deal for international aircraft group

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Ogier Cayman has acted in a major asset finance deal by advising HSBC Bank plc as administrative agent and collateral agent for the senior lenders in connection with the provision of an exit credit facility of over US$300 million to the CHC Group on following completion of the Group’s financial restructuring and exit from Chapter […]

Butterfield aims to expand trust business

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By Jonathan Kent, Business Editor From The Royal Gazette Butterfield Bank is eyeing acquisition opportunities in the trust industry after a successful debut for its shares on the New York Stock Exchange. Michael Collins, Butterfield’s chief executive officer, said the money the bank raises from the initial public offering will be used for “general corporate […]

HSBC avoided criminal charges over fears of ‘systemic risk’

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From Offshore Bankers The U.S. Department of Justice refused to prosecute HSBC in 2012 for laundering Mexican drug money through a Cayman Islands subsidiary and other violations after U.S. officials heard from the U.K. government that doing so could lead to financial contagion and would have serious implications for global financial and economic stability. A […]

TOO BIG TO JAIL: George Osborne helped HSBC avoid US criminal charges for money laundering

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By Oscar Williams-Gru From Business Insider Britain’s Chancellor George Osborne and the UK’s former financial watchdog “hampered” the 2012 US investigation into HSBC’s money laundering and contributed to a watering down of the banks eventual punishment, according to a damning US congressional report. The Chancellor and the Financial Services Authority (FSA) warned that a possible […]

Why The Cayman Islands

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From World Trade Fund The Cayman Islands is the one of the most dynamic and sophisticated financial centers in the world, ranking number five directly after New York, London, Tokyo and Hong Kong. The financial services industry in the Cayman Islands is supported by all of the major accounting firms and sophisticated legal profession. Additional […]

HSBC risks losing US banking licence as pressure mounts over Panama Papers probe

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By JAMES BURTON FOR THE DAILY MAIL HSBC risks losing its US banking licence if US authorities decide to investigate and find it has acted improperly over the Panama Papers tax leaks, experts warned. It will pile pressure on British regulators to act robustly on any evidence of money-laundering in the documents, which show the […]

The Editor Speaks: The leaky walls of secrecy

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The exposé of the Panama Papers that has made headlines all over the world and has made many companies very nervous here should not have been a surprise. The advocacy group Global Financial Integrity has brought hearts beating and palms of hands sweating to many of the greedy rich – the most powerful people in […]

Panama Papers: remarkable global media operation holds rich and powerful to account

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Author Paul Lashmar Senior Lecturer in Journalism, University of Sussex From The Conversation Disclosure statement Paul Lashmar is part of a research group that is funded by ESRC and have been part of a research team that received a grant from Innovate UK (2014) but not on a subject area related to this article. Partners […]